EPFO : Friends, the central government is preparing to make the rules of Provident Fund easier for employees. Their effort is to enable employees to withdraw more money from their PF account according to their needs easily without any hassle. Right now, money can be withdrawn from PF only for some specific reasons, at the most.
For example, you can withdraw more money only for treatment of illness or for buying a house or for expenses like children’s education or marriage. In these also, you will not be able to withdraw more money than the prescribed limit.
New proposal
The government is thinking that if an employee works continuously for 10 years, then he should be allowed to withdraw a large amount i.e. 60 to 70% of the amount from his PF account at one go.
Three chances
I would like to tell you that if such a rule comes into force, then employees will be able to withdraw such a large amount three times during their entire job very easily.
Suppose a person is starting a job at the age of 25 and will be able to withdraw the money at the age of 35, 45 and 55 without facing any problem.
Know the present rule
If we talk about the current rules, then most of the money deposited in PF can be withdrawn only after 2 months of leaving the job.
Or else all of you will be able to leave only after retirement at the age of 58, which is the rule currently applicable.
Who will get the benefit
If we talk about who will get the benefit, then about 7.5 crore employee members of EPFO Provident Fund Organization are going to get the benefit of this new rule.
Whenever they need it, they will be able to easily withdraw more money from their account without facing any problem or trouble.
Know what the loss will be?
Retirement money will be minimum:- If the employee withdraws a large amount from the PF account at intervals, it means that when he retires, the amount left in his PF account will be very less, which is a loss.
Loss of interest also:- PF is a very good way to save for a long time and get good interest on it. If you are able to withdraw your money in the middle, then you will get less benefit of interest. This means that the money deposited will not grow as fast as you have deposited, which can be another disadvantage.
Future tension:- The financial security that is received from the PF account after retirement will become very weak, due to which you may have tension about the future.
Very easy process to withdraw money from PF account?
- To withdraw money from PF account online, first you have to visit EPFO website https://www.epfindia.gov.in/site_en/index.php.
- Then you have to login.
- KYC has to be updated.
- You have to select the form.
- The required information has to be filled.
- Have to submit.
Therefore, after this the money will reach the linked account within 15 to 20 days.
